SORAINEN advised Baltic Horizon, an investment manager focusing on specialized real asset investment strategies in Northern Europe, in signing a purchase agreement to acquire an office building in Riga from Bauplan Nord. Post-closing, Baltic Horizon’s portfolio will comprise seven objects worth over EUR 125 million. This is the second of Baltic Horizon’s deals following its listing on Nasdaq Tallinn in July, and the second object in the portfolio located in Latvia’s capital.
Upmalas Biroji is an office building constructed in 2008 by German developer Bauplan Nord. The net leasable area is over 10,500 m2. Transaction closing is expected to be finalized during the third quarter of 2016.
“We are very satisfied to be able to complete another attractive office acquisition after the initial public offering with strong tenants and are now looking forward in the coming months to declaring the first dividend in the history of the listed Baltic Horizon Fund. Additionally, this acquisition works very well from the diversification and risk management point of view, both geographically and segment wise” states Tarmo Karotam, the Baltic Horizon fund manager.
SORAINEN advised the client through drafting the share purchase agreement, negotiations between the parties and signing. The team led by partner Eva Berlaus included senior associates Aija Lasmane and Jânis Bite, as well as associate Jorens Jaunozols.
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